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I know someone who once gave millions of dollars to charity just because his heirs would have had to pay taxes to the government over that ceiling. Wouldn't those heirs still have had a good chunk of that left after the taxes were paid?
You're lazy if you're paying the estate tax.
On a side note...
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As Michael J. Graetz and Ian Shapiro of Yale recount in "Death by a Thousand Cuts" (Princeton University Press), their entertaining account of the repeal movement, opponents of the estate tax have already achieved a remarkable political feat by building broad public support for abolishing a tax that currently affects only 2 percent of all estates.
well when you have money, you leave usa... and never come back...
apple, Google, .... they all left to pay less tax... Ireland, China,...
You've been led around like a slobbering little puppydog. In the real world that you've been told to pay no attention to, Apple owes and pays billions in US federal, state, and local taxes. Particularly when they have a good year. Here, go read their Form 10-K if you don't believe it.
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Originally Posted by cheapcharly
so big theories like" we live in a capitalist country and we share money to make run the system through taxes.... utopia... utopia...
Moonbat theories such as that rich people and powerful corporations hop all over the globe on account of taxes are nonsense, nonsense, nonsense. No people of any sort of standing fall for such drivel.
Moonbat theories such as that rich people and powerful corporations hop all over the globe on account of taxes are nonsense, nonsense, nonsense. No people of any sort of standing fall for such drivel.
Indeed. The amount of travel and paperwork to re-establish an individual in another country is enormous and not to be undertaken without good reason. I shudder to think at what would be involved for a business.
The rich that I have encountered (passive income/trust fund and/or well-connected with guaranteed jobs on graduation) were far too busy living/enjoying life to be jumping ship around like bilge rats in order to find tax havens in which to squirrel away their assets.
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Little Biff and Muffy have no right to expect the high life on the mere basis of Daddy's success and cleverness, and creation of a permanent class of wealth and power based upon bloodline has never been one of the objectives of American society.
That depends on one's narrative of American history...
Perhaps, but it's one connection to the real world among rather few that are provided by many here. I can join in an observation that the Great Recession made funding more difficult, but in the DC area at least, we have seen a fairly solid rebound over the past 18-24 months, so perhaps we can hope that the worst of that is now behind us. Keep at it in any case, and best wishes to you.
People were lazy enough to pay $14 billion in estate and gift taxes last year. Seems like more than just lazy must be involved.
On a side note, somewhere between one and two out of every thousand estates left by people who die in 2013 will pay any federal estate tax at all. As has been repeatedly noted, the estate tax is a matter of relevance only to people who are now and expect to die as very wealthy people. All these horn-honkers around here have simply had the issue put on their puny little plates by propagandists, and they go about toot-toot-tooting over it as the result. Bunch of trained seals.
I've always felt the tax system could be improved by lowering income tax rates and increasing taxes on estates and inheritances. I have much less trouble with the idea that people should be able to keep money they earn than with the notion that anyone should get a huge windfall just because they were lucky enough to have rich parents.
[quote=cheapcharly;30655180]death tax back to 1 million exemption. quote]
Here's the most straightforward explanation: there is no such thing as a death tax. The estate tax is a tax on the transfer of large amounts of money from one person to another at the time of the first person's death.
The estate tax applies to a tiny percentage of estates. Contrary to Republican claims, there is no such thing as a death tax.
Was just browsing in the Education forum and saw a thread about whether a student right on the margin between 2 grades should be bumped up. Spazkat9696 argued AGAINST the bump-up ...
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Originally Posted by Spazkat9696
Nope! The student earned an 89 not a 90. In life you get what you earn.
Note that this is the SAME PERSON who wants to inherit as much money as he possibly can from his parents ... MONEY THAT HE HIMSELF DID ABSOLUTELY NOTHING TO EARN ... and not pay a penny of taxes on it.
Guess that rule about "in life you get what you earn" only applies to OTHER people.
Was just browsing in the Education forum and saw a thread about whether a student right on the margin between 2 grades should be bumped up. Spazkat9696 argued AGAINST the bump-up ...
Note that this is the SAME PERSON who wants to inherit as much money as he possibly can from his parents ... MONEY THAT HE HIMSELF DID ABSOLUTELY NOTHING TO EARN ... and not pay a penny of taxes on it.
Guess that rule about "in life you get what you earn" only applies to OTHER people.
I dont know if that is a really good example. It seems like apples and oranges to me. To many people, their family has a "team" dynamic that can't be overlooked. A dynamic where one person's success is the whole family's success. An attitude that should be celebrated, imho. To many people, the family bond is very strong, and their money is their kid's money, and vice versa. I feel like what ever is mine is also my children's, and I think most other people feel the same, dont they? It is this gray area where the confusion comes into play. Should there be an estate tax? I don't know. There are good arguments on both sides, but either way there are legal routes one can take to help protect their children's and grandchildren's (present or future) future, to some degree.
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oh, the irony ...
